Oct. 9 (Bloomberg) -- Cargill Inc., the largest closely
held U.S. company, posted a 41 percent drop in fiscal first-quarter earnings after a decline in U.S. crop volumes and
profitability at its energy-trading operation.

Net income fell to $571 million in the three months through
Aug. 31 from $975 million a year earlier, the Minneapolis-based
company said in a statement today. Revenue was unchanged at
$33.8 billion, it said.

The worst drought since the 1930s cut U.S. grain output
last year. The subsequent decline in Northern Hemisphere crop
supplies led to less profit at Cargill’s origination and
processing unit, which handles commodities including corn.

Cargill said earnings were down “significantly” at its
industrial and financial services segment. Mild weather reduced
demand for commodities such as coal, gasoline and natural gas,
Lisa Clemens, a Cargill spokeswoman, said in a phone interview.
Results from the asset-management business, which includes
investment firm Black River Asset Management LLC, were lower
because of “rising economic pressures in emerging markets,’‘
Cargill said in the statement.

Food ingredients and applications, a segment that supplies
food manufacturers and retailers, saw lower profit after
experiencing ‘‘choppy markets.’’ Profit was up ‘‘slightly’’ at
the animal nutrition and protein unit following efficiency gains
at U.S. slaughterhouses, the company said.

Cargill also said today its acquisition of Joe White
Maltings in Australia from Glencore Xstrata Plc, which will
enable it to serve brewers in that country and in Asia, is
expected to be completed before the end of the year after
regulatory approval. Cargill said it bought Prairie Malt in
Saskatchewan, Canada, and a shrimp-feed manufacturer in
Thailand.